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President Donald Trump said Thursday tariffs of 25% on Mexican and Canadian goods are set to take effect on March 4, while also threatening to impose an additional 10% on Chinese imports on the same date.
“Drugs are still pouring into our Country from Mexico and Canada at very high and unacceptable levels,” Trump said in a post on Truth Social Thursday morning. The president has tied tariffs on America’s neighbors to illegal migration and flow of fentanyl into the country.
“We cannot allow this scourge to continue to harm the USA, and therefore, until it stops, or is seriously limited, the proposed TARIFFS scheduled to go into effect on MARCH FOURTH will, indeed, go into effect, as scheduled,” he said.
The 25% tariffs on Mexico and Canada had already been set to go into effect, but the president had not previously threatened to impose an additional 10% tariffs on Chinese imports after the initial 10% tariff on the country’s goods went into effect earlier this month.
Futures on the Dow turned negative Thursday morning after Trump’s comments, falling 90 points after trading higher. But futures tied to the S&P 500 and Nasdaq 100 remained higher, propelled by Wednesday’s strong earnings from Nvidia.
This is a developing story and will be updated.
